Remember Facebook Inc., Amazon.com Inc., Netflix Inc. and Google—the four stocks that became synonymous with phenomenal gains and, along the way, gave birth to the catchy acronym FANG?

So far this year, with the exception of Facebook, growth stocks have largely failed to live up to expectations, prompting a J.P. Morgan analyst on Thursday to recommend that investors avoid them at “any price.”

“We believe high momentum stocks may be at further risk in early April when most [quantitative] portfolios next get rebalanced,” said Dubravko Lakos-Bujas, an equity strategist at J.P. Morgan in a report.

That fits in with signs investors are rotating out of growth stocks and into value stocks, which are shares viewed as undervalued relative to their fundamentals. Growth had solidly outperformed value for nearly a decade, but the first quarter of this year saw value in the lead.

Lakos-Bujas explained that momentum is a core factor in quantitative strategies which rely on complex mathematical models to identify investment opportunities.

Amazon
AMZN, +0.17%
which surged 118% in 2015, is down 12% for the year while Netflix
NFLX, -0.29%
fell 11% year to date after soaring 134%. Google
GOOGL, +1.80%
now known as Alphabet Inc, shed 2.5% following a 47% rise last year. Only Facebook extended gains in 2016, adding 8.8% after a 34% rally. Meanwhile, the S&P 500
SPX, +0.59%
is up 0.7%, compared with a 0.7% decline in 2015.

The Federal Reserve’s recent emphasis on caution in formulating its monetary policy could also hurt momentum plays as the boost from the divergence in monetary policies in the U.S. versus Europe and Japan fades, the strategist said.

“Decelerating U.S. economic growth with a dovish Fed and converging central bank policies will continue to pose a risk to momentum and favor value,” Lakos-Bujas said.

The correlation between the U.S. dollar’s
DXY, +0.47%
strength and momentum stocks is also another mark against these former outliers as the greenback is expected to soften if the Fed maintains its tentative tone. Higher interest rates tend to bolster the currency on an increase in capital inflow as investors chase yields.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.